https://www.taxtmi.com/caselaws?id=755100 A decree based on an underlying advance of money supported by bills of exchange and dishonoured cheques can still qualify as a financial debt where the transaction shows disbursement against the time value of money; the decree-holder may therefore proceed under Section 7 of the Insolvency and Bankruptcy Code if debt and default are otherwise established. Procedural objections about insolvency forms, disclosures, and IRP paperwork were treated as non-fundamental and did not disturb admission of the petition, so the CIRP admission against the corporate debtor was sustained. en-us Wed, 03 Jul 2024 00:00:00 +0530 Fri, 05 Jul 2024 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755100 A decree based on an underlying advance of money supported by bills of exchange and dishonoured cheques can still qualify as a financial debt where the transaction shows disbursement against the time value of money; the decree-holder may therefore proceed under Section 7 of the Insolvency and Bankruptcy Code if debt and default are otherwise established. Procedural objections about insolvency forms, disclosures, and IRP paperwork were treated as non-fundamental and did not disturb admission of the petition, so the CIRP admission against the corporate debtor was sustained. Case-Laws Insolvency and Bankruptcy Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755100